I understand that there are various formats and it is easy for LaTex users as everything is explained in detail.
It would be really helpful if someone could please guide on 'how can I get the above mentioned format in Lyx'.
I have tried Text Layout->'Two-column Document' but everything gets jumbled up.

Welcome to TeX.SX. Note that you don't have to sign with your name since it automatically appears in the lower right corner of your post. Usually, we don't put a greeting or a "thank you" in our posts. While this might seem strange at first, it is not a sign of lack of politeness, but rather part of our trying to keep everything very concise. Upvoting is the preferred way here to say "thank you" to users who helped you.
–
Claudio FiandrinoFeb 7 '13 at 18:08

It is possible that elsarticle is not compatible with LyX (I don't know). Instead of using the LyX options, you can try to modify directly the preamble and add [twocolumn] or [5p] as a parameter to the class, the first line of the header should become \documentclass[twocolumn]{elsarticle} or \documentclass[5p]{elsarticle}. If this is not possible, try adding \PassOptionsToClass{twocolumn}{elsarticle} before \documentclass.
–
yo'Feb 7 '13 at 19:33

elsarticle is compatible as it is provided with the Lyx as well. I have few doubts: There is a option LaTeX preamble but when I add there it gives error. Where should I add [twocolumn] or [5p] is there a way to add it like \usepackage ,etc.? In Lyx, there is no command begin document or end, so where should I add what you said before/after title/abstract/introduction?
–
dbsFeb 7 '13 at 20:12

I don't know how to vote your comment but I have figured the solution, you answer was the clue :) Thank you.
–
dbsFeb 7 '13 at 20:19